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Mailwell Now 100% Leased!

January 4, 2023

ScanlanKemperBard (Ownership) is pleased to announce that its Mailwell asset is now 100% leased after successfully negotiating two new leases totaling 90,000 square feet.

The asset was acquired in a predominantly vacant state in 2021 from its original owner and developer. The industrial building is ideally situated within the Kellogg Park District, an area that's considered a strategic hub for the region's food processing, manufacturing, distribution, and transportation industries. Via a revamped business plan that focused on value-add redevelopment work, Ownership looked to improve the building and capitalize on the strong submarket fundamentals.

"Mailwell is a paradigm of the thriving industrial market. Over the course of our brief ownership we never ceased to see a steady flow of prospects even while other classes continued to struggle." – Matt Morvai, Vice President Asset Management, SKB.

Notable improvements to the 168,000 square foot building included: upgrades to the HVAC, general refresh work to both the interior and exterior, upgrades to the parking lot, and a newly overhauled electrical system. After the completion of the capital improvement plan in early 2022, the property experienced a quick uptick in leasing activity which immediately proved out the business plan.

Don Ossey and Stephen Ossey, both with Capacity Commercial Group, represented the landlord in all leasing efforts. The general contractor, Deacon Construction, was entrusted with the capital improvement work. Their collective efforts and expertise were essential to the execution of the Mailwell business plan.